A 16-year-old British Pakistani schoolboy has said no to a £5 million offer for his website. According to him, his website is worth a lot more than that.
A resident of West Yorkshire, Mohammed Ali has created a price comparison website in his bedroom within a time period of six months. An American investor has offered him quite a huge sum for it. However, he has rejected the whopping offer and is all ready to roll out his website which is unrivaled at the moment.
Ali said, “We met the investors in London, they were a global data-driven company, and they didn’t realize I created all the technology involved. The offer was rejected in December, just before Christmas.”
The brilliant teenager said, “The main reasons we rejected the offer was because, if the technology and concept are worth millions already, just think how much it will be worth once people use it.” He further added, “I understand this is a big risk for me but I want to create this as a household name, and at the same time make something for myself.”
Ali and his business partner Chris Thorpe who is an entrepreneur from Scarborough jointly formed the price comparison website. In 2009, Thorpe founded the startup WeNeed1 which was a reverse marketing platform and had been designed to introduce buyers to sellers and vice versa in the UK. His platform dealt with all kinds of goods and services but didn’t become a reality until Thorpe met Ali.
The teenager then developed the algorithm which provides real-time quotes on the insurance sites instead of the pre-fixed ones. The website alerts both the buyers and the sellers about all the available products from electronic items to properties and updates the prices constantly too.
This is not the first achievement by Ali. The 16-year-old previously created Project 2006 which also made headlines. It was a video game which had a £5.99 per month subscription. He earned around £30,000 through this game.
Ali was a tech savvy since a very early age and was always interested in computers. He lives with his parents and is a self-taught programmer by learning all the codes through YouTube videos and by reading books.
Ali said, “Right now I work from the bedroom day and night but we’re launching this globally so we will need to travel more.” He also mentioned, “My mum used to hate me going on the computer all the time but I think she’s proud of what I’m doing now and my brother has been inspired by what I’m doing.”
Till now, Ali estimates that he has earned around £41,000 from his work and his most expensive purchase so far was when he gave £1,400 to his parents so that they can refurbish their living room. The majority of his earnings have been placed in a savings account so that he can earn more for future investments.
“I look at the things I make as inventions and I like to be proud of building them up,” said Ali. “People think you need to have a massive investment or to take out loans but you don’t – you can start small and build it up.”
- pakistani british school boy rejected 5m offer: mirror uk